Timing of transactions. How would transactions differ if supplies were (a) completely paid for and consumed in one period or (b) paid for in one period but not used until the next period? Timing of...

Timing of transactions. How would transactions differ if supplies were (a) completely paid for and consumed in one period or (b) paid for in one period but not used until the next period?

Timing of transactions. Are transactions recorded on a fiscal-year basis or a calendaryear basis? Does it have to be one or the other; if so, why?